London banks on a hiring spree, says finance recruiter

Banks are no longer worried about Britain leaving the EU, according to London-based finance headhunting firm Robert Walters. The recruiter stated that the banks are on a hiring spree across the UK, and this has prompted the company’s net fees to increase by 27 per cent in the first three months of 2017.

CEO, Robert Walters, stated that banks are positive about the UK now and are showing signs of commitment. They are looking for staff in specialised fields, such as investment management, cyber security, compliance and change management. There appears to be a great demand for specialists in these fields.

Walters also stated that even the manufacturing sector in the UK was hiring, and the hiring percentage has increased by 20 per cent in the first quarter of 2017.

Expanding

In the first three months, Robert Walters earned £23.9 million in net fees. It has also witnessed an increase in its overseas business, with its net fees income rising by 20 per cent to £78 million.

Global recruitment firm Morgan McKinley confirmed that banks are expanding their business in London, even though many are shifting jobs to the EU.

The latest figures from London Employment Monitor show that this is the best time to apply for finance jobs in the city. In March 2017, there were approximately 8,125 vacancies and 9,695 applicants. This means that there are 1.2 applicants per job, which is completely different from the situation in 2016, when there were 1.8 applicants for each vacancy.

Vacancies

Morgan McKinley Financial Services Operations Director Hakan Enver stated that banks in London are tired of waiting and have started hiring talent to improve their bottom line and profitability. However, he contends that the maximum vacancies are in the field of risk management, regulatory finance and financial technology as banks, start-ups and other businesses are looking to hire the right talent